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Sosei Heptares To Receive US$15 Mln Milestone Payment From AstraZeneca

Sosei Group Corp. said it has been notified by its strategic alliance partner AstraZeneca (AZN.L,AZN) that it has reached a clinical development milestone with its partnered next generation immuno-oncology candidate AZD4635, triggering a US$15 million payment from AstraZeneca.

AZD4635 is a potent and selective, orally available, small molecule adenosine 2A receptor antagonist discovered by the Company and exclusively licensed to AstraZeneca globally in 2015. The candidate has been advancing through a Phase 1 clinical program as a single agent and in combination with AstraZeneca's anti-PD-L1 antibody durvalumab or IMFINZI in patients with solid tumours.

The clinical study to date has established the maximum-tolerated dose of AZD4635 as a single agent and in combination with durvalumab. The study has progressed successfully to the point where the therapeutic potential of AZD4635 is being explored in multiple solid tumours.

As a result, AstraZeneca is moving the trial towards Phase 2, thereby triggering the milestone payment to Sosei Heptares. Headline data from the Phase 1 study is planned to be presented at a scientific congress in 2019.

The company expects to receive the $15 million payment by the end of the first quarter ended 31 March 2019.

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